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Taylor Wimpey Gives First Time Buyers a Step Up With FirstBuy

Taylor Wimpey Gives First Time Buyers a Step Up With FirstBuy

Date: Friday 01 July 2011

Taylor Wimpey, one of the UK’s largest housebuilders, has today announced that it has secured funding to help over 1200 first time buyers across England get on the property ladder through the Government’s FirstBuy scheme.

FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first time buyers who could not otherwise afford to buy because of the large deposits now required by mortgage lenders.

FirstBuy works through a joint loan of 20% from the Government and Taylor Wimpey, which means that eligible purchasers only need put down a 5% deposit and obtain a 75% loan-to-value mortgage. The loan is repayable at the end of the 25 year mortgage term or when the property is sold. To be eligible, purchasers must be first time buyers and the total household earning should be less than £60,000.

Kevin Belsham, national sales and marketing director for Taylor Wimpey, comments: “FirstBuy enables us to work closely with the Government to help more people buy their first home. An increase in the number of first time buyers entering the market is also good news for those further up the chain. We believe that this scheme will make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit. With only 80 per cent of the property’s value to finance, buyers will have access to a wider choice of mortgage products and more competitive interest rates.”